welcome to "street signs." i'm willem marx. it's 9:00 a.m. in london, these are your headlines europe' stoxx 600 falls to the lowest level in almostfi fi months as nafta talks drag on. beijing plans on fighting fire with fire the commerce ministry says china will retaliate even as talks continue. and tech under fire. the department of justice calls

for an investigation of political bias as twitter and facebook executives defend themselves on capitol hill >> we think it's the right regulation that supports users, is transparent and doesn't squash things. a senior administration official writes about a plan to contain the president inside his own white house. >> if the failing "new york times" has an anonymous editorial, meaning gutless editorial, we're doing a great job. the u.s. department of ju justice will convene meetings foe see if social media firms

are stifling free speech and hurting competition. this after president donald trump claimed social media platforms like facebook and twitter were bias against conservative viewpoints. both companies have denied the accusations. yesterday sheryl sandberg and jack dorsey were ahead of congressional committees in washington alphabet had refused to send a senior executive to give testimony but its shares also fell lawmakers repeatedly questioned them about attempted manipulation of the platforms. both were asked if iranian or russian agents conspired to spread false information >> we have information to show they utilized our system to amplify information. i'm not sure of the definition of hoax in this case, but it's

likely >> okay. >> just two weeks ago we took down 650 pages and accounts from ir iran some tied to state-owned media and some pretending to be free press but they weren't free press. depends on how you define a hoax, we're seeing them use misinformation campaigns >> sandberg and dorsey separately highlighted their efforts to combat misinformation campaigns but acknowledged the need for congress to initiate new rules and oversight, sandberg seemed to welcome that idea >> we don't think it's a question of regulation, but the right regulation that supports users, is transparent and doesn't squash innovation. >> dorsey said efforts to prevent foreign interference into u.s. politics could prove crucial to his business's long-term success and survival >> our interests are aligned

with the american people and this committee if we don't find scalable solutions we lose our business and we continue to threaten the privilege and liberty we were given to create twitter in the first place. fredericka from privacy international joins me now along with joe stubbs. did we hear anything new from those two executives yesterday >> we didn't, but what is positive is there seems to be consensus that tech needs to be regulated but just disagreement as to how. we think the core of the issue is the u.s. has an unregulated data system, and regulating data is different than regulating speech >> political conversations take place on these platforms how great is the scope for this

to be abused and have these companies done enough in your view to stop that abuse? >> they haven't done enough. but i'm a bit kcautious, they'r more like a shopping small, commercial spaces, designed to keep you hooked, a lot of data is collected about you it's more of a systemic issue. >> notable that google didn't send a senior executive to this hearing. is there any basis for them to say this is not relevant to their own platforms? >> no. two days ago there was an investigation by buzzfeed showing you could still buy controversial ads on google. gogg goi >> that investigation was extraordinary it showed they bought their ads with an address from st. petersburg where a lot of this has originated from.

>> how concerned should people abo be about reputational risk and regulation >> it's a key price of share price dynamics what has driven technology for this long bull market in the u.s. and other parts of the world is strong balance sheets and capacity for very high cash flow. that combination has driven tech we've been overweight tech globally for the past seven years. we see the risks we work with analysts on that, but it's a sector which is positively skewed towards a strong cash flow >> you mentioned the global economy. that brings me to a question about trade. is there scope or potential for the u.s. trade dispute with china to end up with a positive for these kinds of companies in terms of protection of intellect

cal pr intellectual property? >> we think we moved into a dollar world where most asset prices are very sort of correlated to where the dollar goes now in terms of trade, we get a lot of news flow out we get some trade conclusions and deals that have been struck recently that have been positive, but we still have a big overhang between the u.s. and china, and technology is a key battleground it's too early to make a key conclusion there our thought is tech benefits from a positive cycle. >> republicans and democrats will say these companies have problems, whether that's about allowing foreign governments to interfere in political elections whether that's about stifling or censoring public view points

online but outside the u.s., in sri lanka, south sudan, it's about life and death and how platforms have been used to spread false and inflammatory information is there action that can be taken on that scale outside the u.s. to try to combat that >> it's a challenge. these tech ceos that are testifying in the u.s., we will not see them in the hundreds of parliaments where billions of users are based. so the ability to influence and pressure these companies is unequally distributed. so there is a responsibility for people in the u.s. to say this matters. in places like myanmar, facebook is the internet. there are more people saying they use facebook than the internet so the responsibility is much bigger than in the u.s >> what are the answers here is it about coordinated legislation in different jurisdictions that would lead to accountability how does the u.s. take the lead to impact the behavior of these companies elsewhere?

>> it was a poor move when facebook moved their international offices from ireland to the u.s., that was bad, and facebook did not invest enough resources in myanmar. resources weren't present in local languages. it's a matter of money and priorities >> jonathan, you hear the criticisms there of these companies. does this criticism have the potential to snowball? and what would that snowball effect mean for the valuations of some of these big f.a.n.g. stocks >> you need tough regulation you need regulators and politicians to break industries. that has happened historically we think it's unlikely to get to that stage in technology it's a risk investors have to consider we reported looking at all industries around the world and their ability to generate cash

relative to the investment they put in technology is going incredibly well on that basis so regulators and politicians need to damage the cash flow generating capacity and also damage the capex or the willingness of tech to commit to capex. it's a tough one for regulators to deal with >> jonathan, you will stay with us fredericka, thank you very much. if you want more on the u.s. attorney general jeff sessions' move to crack down on tech companies head to our website, that's cnbc.com. let's look at how asian markets performed over the course of the day. you can see all four of the major indices there are well into the red the hang seng down 1%. the shanghai comp down half a percent. much of that hang seng weakness is the fall in tencent the tech giant bending to pressure from beijing with the announcement of a real name

registration system for its game honor of kings the system will be linked to china's central public security database, which will be of some concern of some of its users if you have concerns about any of this, tweet me at @streetsignscnbc. coming up, europe and the u.s. announce their wildcard picks for the ryder cup. more on that after the break why did i want a crest 3d white smile? dinner date...meeting his parents dinner date. so i used crest. crest 3d white removes... ...95% of surface stains in just 3 days...

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in many cultures, young men would stay with their families until their 40's. european markets, all of the stock there's showing more in the negative than positive the stoxx 600 is down more than a tenth of a percent looking at the major indices behind the numbers, you can see why. ftse 100 and xetra dax in

negative territory the cac 40 and the ftse mib in the positive ftse mib up 0.3% a turnaround compared to earlier this week. looking at specific sectors, you can see utilities performing well, as are telecoms, travel and leisure down 1%, media down more than half of a percent. let's talk about one of these corporates norsk hydro has reached two deals with authorities in brazil this could pave the way for returning to full output britain's energy regulator, of gen p ofgen says it will save

consumers 1 million pounds the cap is designed to give households a fairer deal parliament approved this measure in july after the uk's big six energy companies came under fire for selling expensive packages we're back with jonathan stubbs from citi. one thing i want to highlight, commerzbank losing its place on the dax. let's talk about european banks as a sector. they have been pretty significantly undervalued so far this year. do you think that will change and why? >> yes banks have been one of the worst performing sectors in europe this year. technology on the other side of that has seen that reflected in index changes. banks are interesting. european banks are trading on multi-year and decades high return on assets asset ratios are also at decade

highs. capital is being built slowly and progressively and significantly over the last ten years post financial crisis. fundamentally the bank sector appears to be in a much stronger position but that's not been reflected in prices and in valuations so when you look at two simple numbers, it makes this point clearly. the sectors are trading at relative highs over the last ten years. but price to book relative lows. so there's a big gap between r.o.e. and price to book the bank sector is effectively pricing in a significant down draft in the sig cal or a significant turn to the worst for the sector we think that's unlikely we think there's opportunity there but hard to see that coming through in the ear-term >> do you see that as a low-risk opportunity given the record level of cap these banks enjoy >> with banks it's hard to talk about low-risk equity is a high-risk asset

class. banks are a levered equity within a levered asset class low-risk is hard but you are seeing the bank sector shift from being a net issuer, a diluter of shareholder returns to now more banks going down towards a buyback path. so the capital return story is really coming through across the bank sector. so we think there's something fundamental for investors to look at. there's ra va valuation opportu and you have to position for a down cycle >> i would assume that you also are referencing italian banks. we've seen so much volatility in italian assets over the course of the last six months or so have investors in your view been overreacting to the noise we've had out of rome? >> i think investors have been forced the last ten years to react more quickly or overreact to risks

it's hard for any investor to tolerate a loss. news flow has been disappointing for banks in europe this year. you see some interesting skews investors are very short european banks, very short the euro and em. these net shorts are significant. on italy we've had a couple of pieces out, a big european report out, we think italian risk is overblown, we think there's an opportunity there and there's an opportunity in italian banks. >> i want to talk about the strength of the u.s. dollar. that's a big theme in equity markets around the world do you see that as a barrier to economic growth elsewhere the road >> this is the crux of the

matter for us. the last ten years we've been living in a qe world now qe in wind down or reversal moves, we are seeing that pass from qe to something else. that something else for us is the u.s. tlar. that's the lightning rod for the global cycle if the dollar strengthens 10% from here, we end up with similar macro makeup to what we saw in 2015 and financial crisis in terms of the deltas of dollar growth around the world. if the dollar weakens by 10%, you go back to 2017 and a super charged version of synchronized growth dollar sensitivity is acute. where the dollar goes you will see leadership in equity markets going and risks in the cycle going as well. >> jonathan, thank you for your time this morning.

dixons carphone has reported flat first quarter revenue in may they issued a profit warning but noted strong demand during the world cup that offset weaker sales in computers. dixons said it was on track to meet the full-year goals vivendi says elliott management is disastrous, failing and causing dysfunction in telecom italia. in a statement vivendi hit out at the activist investor and pointed to the sharp fall in share price. telecom italia shares are down by a third since elliott wrestled board control on may 4th. nike is doubling down on its occasionally controversial new

ad campaign. >> don't try to be the fastest runner in your school. be the fastest ever. >> reporter: the new ad by nike features the outspoken advocate until eventually who had gone silent colin kaepernick a voice for the just do it campaign with his signature motto. >> believe in something, even if it means sacrificing everything. >> reporter: nike's controversial move to back kaepernick, who protested social injustice by kneeling during the national anthem came with risk since the announcement, nike has been mentioned more than 6 million times on twitter while there was backlash, experts say many of nike's consumers are millennials who want brands to be transparent on their stances on social issues. >> for a company that simply needs to sell products around the world, weighing in on politics is a pretty dicey thing to do. >> reporter: with the nfl season set to kick off tomorrow, today

the president tweeting just like the nfl whose ratings have gone way down, nike is getting absolutely killed with anger and boycotts but tonight, nike standing by a player who took a knee miguel almaguer, nbc news. golf's ryder cup is three weeks away with captains of the u.s. and europe both naming their wildcard picks this week it was thomas bjorn's turn to announce his choices yesterday adam reid has more details on the surprises. >> thank you very much thomas bjorn has gone for experience as part of his team these are the four captains. he has gone from previous ryder cups with these men. sergio garcia, 22 1/2 points

from his over 37 matches played at the ryder cup but he's not had the best year since winning the masters back in 2017 he's failed to make the cut in all four majors this year and in effect has had a poor year by his standards. only winning twice in about 35 events but he's on the team bjorn said it was a no brainer when it came to picking sergio garcia elsewhere, ian poulter has been included two years ago he missed out because of injury. so often the scourge of u.s. teams gone by, ian poult ser back i back on the team again this year paul casey is back involved as well one of six men to get a ryder cup hole-in-one in the past. and henrik stenson making up the four add to that the eight men already qualified automatically.

france molinari, already winning a title this past year five rookies are among the eight. back on the subject of garcia, during the revealing of those four captains picks, he knew he was going for experience when it came to picking garcia, it was a no-brainer. >> the one thing about sergio, he's the heartbeat of the team i always said this about him it's like a football team going without their captain. that's what he is. he comes in that team room, people who have experienced sergio in the team room realize how much he brings to it >> i have to ask you, you mentioned five rookies on the european team we saw there what does this mean for the average age of the team? i'm always intrigued by that, that mix, that blend of experience and youthful vigor on

the course >> yes the youngest man on the team is jon rahm, he's 23. he's gone very well on the pga tour and come close to a couple of major tournaments the americans, they have three 25-year-olds amongst their group. jordan spieth, justin thomas and bryson dechambeau, two of them have won major tournaments, justin thomas is having a great year we know dechambeau has gone back-to-back at the fedexcup he's in line for a $10 million bonus if he keeps that form up ahead of the ryder cup brooks koepka is not very old, but he won three of the past six major tournaments. he had a great year. add to the experience, never mind the youthful ones, the mixture the americans have got tiger woods, he's 42 a veteran of this ryder cup. and phil mickelson is playing in

his 12th ryder cup he's a wildcard pick but has had great times. he's 48. >> amazing to watch that despite criticism, spain's la liga is pushing ahead to play games in the united states to find out the location of that first game and to see who is involved, head to cnbc.com coming up on the show, president trump says the swamp is fighting back as an anonymous op-ed in the "new york times" claims resistance to his policies among the white house ranks. .. in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.

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so you can spray and stay. febreze one. welcome back to "street signs. i'm willem marx. it's 9:30 a.m. in london it's 4:30 a.m. in washington, d.c. these are your headlines europe's stoxx 600 falls to its lowest level in almost five months as nafta talks drag on while the u.s. threatens more tariffs against china. beijing pledges to fight fire with fire the commerce ministry says china

will retaliate even as talks continue tech under fire. the department of justice calls for an investigation into political bias at silicon valley's biggest companies while facebook and twitter executives defend themselves on capitol hill >> we don't think it's a question of whether regulation, we think it's a question of the right regulation that supports users, is transparent and doesn't squash innovation. we're happy to work with you on the proposal. donald trump responds after the "new york times" publishes an anonymous op-ed from a senior administration official about a campaign to contain the president operating inside his own white house. >> if the failing "new york times" has an anonymous editorial, can you believe it? anonymous, meaning gutless gutless editorial. we're doing a great job. let's check in on european markets at this point in the

morning. you can see the majority of the major indices here in this part of the world are slightly in the green. the ftse 100 is back up above the flat line. the xetra dax trading flat the cac in paris up. in italy the ftse mib is up 0.42%. the euro is strengthening against the u.s. dollar as is the pound in the uk. the dollar is weaker against the yen. also seemingly falling back slightly against the swiss franc ahead of the u.s. open on the other side of the atlantic, let's check in on u.s. futures the zs&p 500 and dow jones looking to open slightly lower the nasdaq looking to open very slightly higher. one of the reasons for that may be that theu.s. trade deficit hit a five-month high in july. an indication that trade tensions could weigh on third quarter growth

this was the biggest monthly number in ten years. president trump says the u.s. is not ready to make a trade deal with china but that talks would continue the two largest economies have imposed tariffs, $50 billion worth on goods so far, trumps is considering slapping tariffs on a further 200 billion in chinese imports. a public comment period in the u.s. on this issue ends today. beijing pledged to retaliate against any new u.s. tariffs a commerce ministry spokesperson says if the u.s. insists on new tariffs china will have to retaliate and will closely monitor what is happening. talks between the u.s. and canada to revise nafta have resumed. chrystia freeland was upbeat but

cautioned that no trade deal would be done until the last issue was solved and said both sides are committed to reaching a good deal. >> the work is very intensive this week. we are making good progress. the atmosphere is positive and constructive our officials are continuing to work this evening and no doubt late into the night. i think all sides are committed to doing what it takes to get a good deal. canada is focused from the beginning and continuing today we want a deal which is good for canada >> to talk about this in more detail i'm joined by tony fratto from hamilton place strategies there was a lot going on in washington, d.c. that may not have gotten as much attention as it might normally have done.

given the fact the talks have gone on past the deadline artificially imposed by the trump administration last week, tied to the impending new government in mexico, what incentive is there for the canadians to hurry up and sign any kind of agreement with the u.s. >> not a huge intent sieve for t incentive for the canadians. i don't think they liked the situation with the mexicans breaking apart and signing a separate piece for them. they have heard and seen what congressional leaders have said about the possibility of signing -- passing a separate u.s./mexico agreement. that's been pretty clear that that's not something that is likely to happen in the congress congress is also signaling that they won't pull out the rug and allow the president to just

withdraw from nafta. so they do have bargaining power here the canadians do want to get a deal the americans very much want to get something done before the midterm elections. they want to go out and say they accomplished this heading into what is likely a difficult midterm election season for them >> president trump last week said to congress stay out of this this is is my negotiation essentially. the hard part is getting this past congress and then getting this past the canadian parliament >> it's not something that will happen this year also. we'll see changes in congress. i don't want to say it's 100% impossible that they can get something done this year it is very, very unlikely.

just by way of context, back in march president trump signed this agreement in principle with korea. those are fairly simple agreements, modest it does not need to be passed by congress it took months and months until they could finalize that agreement in a formal way so that they could begin to implement it the nafta negotiations, nafta deal is much more complicated, lots of technical details dealing with three different legal structures in the countries. getting this done will be difficu difficult. then you have the normal trade fights, legislators fighting over what was given away in the negotiations versus what was acquired in the negotiations and that's politics. that's also up in the air. that's a thing for next year, not this year. >> tony, if we assume an agreement is reached and then later ratified, what would that

mean in your view for these trade disputes with america and china? >> well, you know, it would be great if the united states could start acquiring some allies in its dispute with china there are very real trade issues that not just the united states have did, but europe and others have with china. if they could clear the decks on disputes with our allies they could move forward in a better way with china china is not in a hurry to get anything done before the midterm elections. they believe they'll be in a stronger position if democrats take control of the house of representatives, that will put them in a stronger negotiating position with the u.s. administration so that's going to be tough. letting this drag on has not been good for the trump administration's ability to deal with china so we're in the escalation phase. we will see new tariffs in the

coming days, i believe that will have long-term effects between the two countries and their ability to come to an agreement any time soon. >> you don't sound positive for the u.s. and china what about europe. i talked last week to the ceo of volvo. he said we have no idea whether we can rule out the possibilities of future auto tr tariffs. how damaging is that uncertainty for the relationship between the u.s. and the european union? >> well, very damaging the president wants to impose tariffs. he likes the existing tariffs on light trucks, pickup trucks in the united states. that has forced auto companies to build cars in the united states the problem of using the pickup truck market as a model is that no country in the world buys

pickup trucks like the united states does. it's the most important market for pickup trucks. you can't say the same with autos. it will be disruptive for the auto sector. even in the discussions that the united states had with europe. they're not taking autos off the table. and we know that the president is inclined to go in that direction. the canadians are trying to get an exemption from auto ans willg for the same thing >> tony, thank you president trump is facing more criticism, but this time from within his own ranks. an op-ed in the new york times has appeared written anonymously by a senior official in the trump administration it says staffers are working to frustrate parts of his agenda. he also claims to be part of ary

social securi a resistance movement. trump attacked the "new york times" for publishing the piece. >> they don't like donald trump. i don't like them because they're dishonest people remember which about the "new york times." when i won they were forced to apologize to subscribers they wrote a letter of apology >> if the failing "new york times" has an anonymous editorial, meaning gutless editorial, we're doing a great job. >> tracie potts is live in washington for us. i imagine the favorite parlor game is guessing who wrote this piece. what is the reaction from the administration to it

>> so the president, as you just heard there says this is gutless. he is also demanding that the "new york times" turn over the name of this person to the government he says it is a matter of national security and then tweeted this is payback for getting rid of bad apples in washington the white house is insisting whoever this is resign and keeping in mind this is not necessarily someone who works in the white house. they could work in any part of the government i work for the president is the way that op-ed opens which could be any senior administration official familiar with these decisions. what is notable here also is this official confirms that early on there was talk about the 25th amendment and removing the president from office because of some of the decisions that he was making that apparently this official and perhaps others felt were not in

the best interest of the country. >> tracie potts, thank you very much for that. trump's nominee for the supreme court faced a grueling 12 hours of questioning in the second day of his senate hearing. asked about some key contentious issues, brett kavanaugh defended an argument that questions a ban on semiautomatic rifles. he also called the roe versus wade ruling an important precedent but side stepped questions about the scope of presidential power >> the question of self-pardons is something i never analyzed. it's a question that i have not written about. it's a question therefore that's hypothetical question that i can't begin to answer in this context as a sitting judge and as a nominee to the supreme court. >> brett kavanaugh speaking to a senate committee yesterday. british authorities charged two men whom they allege are

russian agents sent to the uk to assassinate sergei skripal >> reporter: officials say these are the assassins who used a nerve agent to poison a former russian spy on british soil. identified as alexander petrov and ruslan boshirov. officials believe they used fake names. the prime minister saying today they work for russian intelligence, the g.r.u. >> it was almost certainly also approved outside the g.r.u. at a senior level of the russian stage. >> reporter: the men stayed at this cheap london hotel. investigators found traces of the rare chemical nerve agent novichok in their room police say the poison was in this cheap perfume bottle. footage shows the men traveling west of london police say to spray the poison on the door of russian spy. when he and his daughter touched it, they became violently ill

but survived the alleged assassins returned to moscow. three months later, a british man found the perfume bottle and gave it to his girlfriend. he got sick, she died. russian denies involvement a top agent of vladimir putin said we saw those names, they mean nothing to us richard engel, nbc news. moody's has just issued some reports on the south african economy. it says its slide into recession increases the country's policy challenges it says the residential property market there's will remain steady but also subdued. that has had an impact on the rand you can see the dollar strengthening significantly over the last three months against the rand you can see where it is now,

down 0.7 % so far. uber says they won't sell a key research unit. more on that when we come back you might take something for your heart... or joints. but do you take something for your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life.

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welcome back to "street signs. tesla's 1$1.8 billion worth of high-yield bonds fell to the lowest level since last year the carmaker had warned they might struggle to make positive a cash flow. goldman's resumed coverage on the automake wer a se maemaker rating on tuesday mercedes unveiled its first fully electric suv to take on tesla's dominance in that market. and uber says the ride

hailing app is on track for 2019 providing market conditions permit spe uber teamed up with toyota to develop self-driving technology and the ceo opened up the possibility of working with other companies. saudi arabia may have stolen the headlines when it announced the plans construction of a new 5$500 billion city, but egypt i also looking to reinvigorate its image as it develops plans for a new capital originally announced in 2015. hadley gamble is in cairo with details. i'm waiting for those details. >> it's about an hour and a half outside of cairo we're talking about 175,000 acres. they say it will be the new administrative capital it is supposed to open in 2019, the first phase of it. we had a chance to take a look

the pyramids, the sphynx, when it comes to mega projects, egypt has been getting done for centuries. now the latest project promises egyptians a better life and a better city for a price. it's a new capital city carved out of the desert and in line with the president's new economic vision for egypt. this is a place that will boast greenways bigger than central park the first phase is set for completion in 2019 and boasts 36 government ministries, residential communities and the biggest cathedral on the continent of africa. when you first heard about this project, did you think this is crazy? >> yeah. yeah completely right with this huge space we are talking about a new capital. total space is more than 175,000 acres. i mean, it would be double

cairo. >> reporter: home to over 22 million people, the current capital city is plagued by overcrowding, pollution, and seemingly endless traffic jams the new capital promises all the benefits of a smart city electric power and wireless connectivity >> you have apartments, separate villas >> exactly this is what we call residential. for the first phase we have eight residential districts. >> okay. >> for example, this area contains 25,000 residential units. >> ta,000. >> exactly exactly. >> that's a lot of people. >> yes as i told you, we intend to move 1.5 million for the first phase. >> talk about the price points >> price is negotiable >> basic apartments will be starting at 57,000 u.s. dollars,

the majority of egyptians will be priced out. this is a pretty mammoth undertaking for the government it's in line with president sisi's vision for egypt. he has been building roads the last two years crisscrossing egypt. when you look at the massive amount of infrastructure projects he has brought online the last couple of years and combine that with what we're seeing in egypt, the economic engine of growth really starting to move, it's an exciting picture for egyptians in terms of that investment scenario, certainly for foreign investors, but of course emerging market contagion is something that everybody will keep a close eye on >> hadley, you and i have traveled to some of those cities in saudi arabia, the authorities there have been building them for some time. they have not always managed to stick to schedule. it's not quite as impressive as you have been led to believe

how did that location feel did it feel like they were making quick progress? >> i have one answer for you the egyptian military are executing this project it's interesting if we look at the breakdown in terms of the way things are getting done and being paid for essentially the project is managed, 51% the egyptian military, and 41% the ministry of housing they had an injection of 10 billion u.s. dollars they were projecting that they would need 30 pl$30 plus billio get this done. now they're saying in terms of the budget here, there's no real budget they hope the private sector comes in and builds and spends the cash it's interesting when you look at everything that president sisi has been able to achieve in the past few years, despite the regional worries, it was the egyptian military executing this and getting it done. >> hadley, thank you very much for that report. coming up on cnbc, we'll head to the stunning shores of lake cuomo for the ambrosetti

forum. steve sedgwick will be talking trade policy and italian instability with the great and good of thebusiness world. join us for interviews with the new chairman of telecom italia and then former prime minister paolo gentiloni. let's look at italian markets. you can see all four of the major indices are now in the green. the ftse 100 is up 0.10% the xetra dax is up 0.30%. the cac 40 is up 0.25% in italy it's up 0.79% the stoxx 600 as a whole has turned positive. let's check on some currencies as well. we can see the euro is still trading slightly stronger

against the u.s. dollar. the pound is bouncing back against the dollar it's stronger by a fifth of a percent. the dollar is weakening against the yen as well as the swiss franc by as much as a fifth or a quarter there of 1%. let's check in on the u.s. markets ahead of the open on the other side of the atlantic the s&p 500 looking to open very, very slightly higher the dow jones also now looking to open slightly higher. being called up more than 20 points the nasdaq as well looking to open higher, being called up 10 points that is it for today's program. i'm willem marx in london. "worldwide exchange" is coming up next.

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it is 5:00 a.m. at the white house. here's your top five at 5:00 president trump sounding off after the "new york times" publishes an anonymous op-ed from somebody who claims they work inside the white house that slams the president. another emerging markets hit. we're headed live to singapore for more on what is an increasingly big selloff around the world. cbs in talks with the redstone family over the future of that media empire. facebook making a million dollar bet on asia and the crypto collapse continues. bitcoin down big again this morning. we'll find out why, and it has